Once the 60 additional Walmart stores receive solar panels, the company's solar portfolio will total over 75 percent of its stores in California

Walmart is taking part in the adoption of greener technologies throughout California by installing solar panels on its stores. It announced today that it will install solar panels on 60 more California stores.

"California presents a great opportunity for Walmart to make significant progress toward our sustainability goals by installing solar power on more than 130 store rooftops throughout the state," said Kim Saylors-Laster, Walmart vice president of energy. "Walmart has reduced energy expenses by more than a million dollars through our solar program, allowing us to pass these savings on to our customers in the form of everyday low prices."

Walmart has partnered with SolarCity in this endeavor, which is a San Mateo, California-based solar company that will install and maintain the new systems.

Once the 60 additional Walmart stores receive solar panels, the company's solar portfolio will total over 75 percent of its stores in California. This will generate up to 70 million kilowatt hours of clean, renewable energy per year, which can power 5,400 homes. This total effort will also provide 20 to 30 percent of each store's electric needs, and avoid the production of more than 21,700 metric tons of carbon dioxide emissions annually. This is equivalent to taking 4,100 cars off of the road.

"Walmart's effort to expand and accelerate its solar power initiative program here in California demonstrates their commitment to sustainability," said Mary D. Nichols, Chair of the California Air Resources Board. "These kinds of projects create jobs, reduce costs for businesses by lowering power bills, and protect the environment. We appreciate Walmart's leadership and encourage other businesses to follow Walmart's lead."

Walmart's efforts has created more than 500 new full-time jobs since the beginning of this project, and expects to hire "hundreds" more before the end of the year.

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Prices for fossil fuels have not dropped despite the Great Recession and the Invisible Recovery. Imagine what will happen when the economy recovers, demand for coal, oil, and other fossil fuels increases, and inflation returns with a vengeance. Fuel costs will skyrocket, but those who invested in renewable energy today will have ZERO fuel costs. The issue is how to finance greater investment today. Walmart has the resources (i.e., cash flow) to accept long paybacks of 7-10 years or more. But most companies do not.